Financing Your Roof: When a Loan Makes Sense

Are you considering a large roof project, but aren't sure how you will pay for it? Home equity loans, lines of credit, personal loans, and other forms of borrowing are potential solutions- but how do you know that the project is worth taking out a new loan? Here are several cases in which getting a loan for the sake of your rooftop is worthwhile.

Your Rooftop Shows Signs of Serious Leaks or Damage

If you already have an estimate that details serious rooftop repairs and a recommendation to get the damage fixed ASAP, then consider taking out a loan if necessary. This is typically a cut-and-dried situation because serious roof damage will cause even bigger problems in the future— especially if the weather throws a few more storms your way.

Look at it this way: Suppose you have several significant leaks or signs that your underlayment is damaged. Repairs would cost around $10,000. That's expensive— so you delay the repairs for several months (maybe you want to save up money). However, a number of rainstorms hit during those months, expanding the leaks. The weather does widespread water damage to your roofing structure. Your repairs are now estimated at $50,000. In this case, you lost a lot of money because you waited when you could have applied for a loan and arranged repairs immediately.

A New Roof Will Add Significant Value to Your Home

Generally, loan money that is used to improve home equity - your home's innate market value - is considered loan money well spent. This is particularly true when it comes to new rooftops. Roofs are crucial to curbside appeal. For example, buyers tend to notice a house's rooftop and its style first. New roofing can improve insulation and raise your home's value in other areas. This is an important consideration if you are planning on selling your home or leveraging your equity in the future.

A New Roof Is Part of a Larger Renovation

Again, a large renovation will improve home equity and often requires significant rooftop work. If your loan is paying for a renovation like this - particularly one that adds an extra room to your house - then associated roof work is typically worth the cost. This may include expanding the roof, adding extra gables, installing additional gutters, and more.

Roof Improvements Will Help You Save Big in the Future

This is more difficult to judge, but certain roof projects will cut your future costs by enough to make a loan worthwhile. Lowering future costs will also increase home value. These projects can either be preventative projects (such as putting vents in your attic to control condensation), or proactive projects (like upgrading your insulation to lower your heating and cooling costs). Talk to roofing professionals about how much these projects can save you in the future. A loan just might be worthwhile when it comes to your situation.

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